Bank of Communications Co (拶蠯錞?) gained 8.3 percent in Hong Kong as economist Nouriel Roubini said the worst of the financial crisis was over.

※The recovery is gaining traction,§ said Nader Naeimi, a strategist at AMP Capital Investors in Sydney, which manages about US$95 billion. ※Even if we don＊t see spectacular growth, a stabilization should be enough to support a market rally.§

The MSCI Asia-Pacific Index added 2.7 percent to 103.38 this week. The gauge has rallied 47 percent from a five-year low on March 9 amid optimism stimulus policies around the world will revive the global economy. The MSCI World Index gained 6.7 percent this week, the most since March.

The MSCI Asia-Pacific Index has risen this week as government reports showed economic growth accelerated in China and US manufacturing improved. Intel Corp forecast sales that beat analyst estimates, while International Business Machines Corp raised its profit forecast.

Stocks on the MSCI Asia-Pacific Index are trading at an average 43 times reported earnings, up from the 15 times shares were trading at during the market＊s trough in March. Companies on the S&P 500 are currently at 14 times profit.

Taiwanese share prices are expected to continue their upward trend next week with interest moving to old-economy firms from their high tech counterparts, dealers said.

Shares in companies that have close business ties with China may benefit from a technical rebound after recent heavy losses, while property stocks are likely to gain on hopes of rising property prices, they said.

However, as the market moves closer to the key 7,000 point mark, resistance may cap the gains during trade next week, while a strong technical support may be seen at around 6,600 points, dealers said.

For the week to July 17, the weighted index rose 81.13 points or 1.20 percent to 6,850.99 after a 1.57 percent increase a week earlier.